Union Budget 2024: Sitharaman To Present Seventh Budget In A Row. Will Modi 3.0 Usher In A New Era of Change?
Union Budget: The budget session started on Monday and is scheduled until August 12. On Monday, the FM tabled the Economic Survey, which gave an in-depth picture of the economy's performance in FY24
Union Budget 2024: Finance Minister Nirmala Sitharaman will table the Union Budget for the fiscal year 2024-25 on Tuesday, July 23 at 11 am in parliament. This budget will mark Sitharaman’s seventh consecutive budget under the Modi government, and this year's budget is also significant because it will be the first budget under the Modi 3.0 government.
The upcoming Budget is eagerly anticipated by the general public, industry executives, and experts alike.
The budget session started on Monday and is scheduled until August 12, 2024. On Monday, the Finance Minister presented the Economic Survey 2024 in the parliament, which gave an in-depth picture of the economy's performance during the review period and established the framework for the priorities and focus areas of the upcoming Budget.
The released survey highlighted that India's economy demonstrated resilience, achieving a strong real GDP growth rate of 8.2 per cent in the fiscal year 2023-24 and overcoming substantial global and domestic economic challenges. It also states that core inflation decreased throughout FY24, resulting in a decline in retail inflation. The Reserve Bank of India anticipates inflation to hover around 4.5 per cent for FY25. These numbers further increase everyone’s expectations from the upcoming budget 2024.
The Budget will be broadcast live on various government channels, including Doordarshan, Parliament channels, and the Government of India’s YouTube platform. Sansad TV will also cover the event. The official website, www.indiabudget.gov.in, will host the online streaming link, where users can access all pertinent Budget-related documents.
Here are some of the expectations shared by industry experts from the Union Budget 2024:
The manufacturing sector plays a crucial role in driving economic growth due to its significant impact on job creation. It is imperative for the government to prioritise efforts aimed at attracting substantial investments, fostering employment opportunities, stimulating consumption, and accelerating overall economic growth through robust support and policies tailored to enhance the manufacturing sector.
Read Here: Budget 2024: How Modi 3.0 Govt's First Budget Can Transform India's Manufacturing Landscape
Given the ongoing strain of inflation on household finances, it is reasonable to expect that individuals are hopeful for policy adjustments that can enhance their disposable income. A potential approach to achieve this could involve revising current tax brackets and deductions to align with inflation.
Read Here: Union Budget 2024: Tax Breaks The Govt Should Consider
The real estate sector is anticipating reforms that may include extending corporate tax benefits, removing surcharges, and other regulatory changes. Stakeholders in the industry have articulated their expectations and priorities for the upcoming budget.
Common expectations across various sectors encompass the development of a resilient digital payment infrastructure, simplified tax frameworks to encourage compliance, emphasis on research and innovation within the healthcare sector, and advocacy for hybrid learning models in education, among other priorities.
Read Here: Budget 2024: Hybrid Learning To Simplified Tax Structure — India's Wishlist For Modi's Third Term
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